PH investors lauded as key players – Pascual

TRADE Secretary Alfredo Pascual on Friday underscored the valuable contributions that investors provide toward the further development of the Philippine economy.

Pascual praised the top-performing economic zone developer and locator companies, the Philippine Economic Zone Authority (PEZA), during the Investors’ Recognition Day on November 25.

“Together with PEZA, I proudly applaud our respected and resolute investors and partners in investment promotions for your exemplary performance. You have contributed immensely to Philippine investments, export income and creating millions of jobs for Filipinos,” he said.

In its 27th year, PEZA serves as a primary government agency that handles investment promotion in the export industry and ecozone developments in the country. The authority is one of the top investment promotion agencies which established a variety of free zones to special economic zones nationwide, counting 419 to date.

Pascual noted that sectors in the export industry such as manufacturing, IT-BPOs (information technology business process outsourcing), agro-industries, logistics and support services, MSMEs (micro, small and medium enterprises), utility providers and ecozone developers are the main beneficiaries of PEZA investments.

“Your investments enable the transfer of technology, help diversify Philippine economic industries and market, boost innovations and integrate us further to the global supply chain,” he added.

The DTI chief also highlighted the longstanding partnership between the Department of Trade and Industry and PEZA, noting that the two economic machineries of the government can work hand in hand in transforming the country and making it a top investment destination not only in the region but across the globe.

From January to September 2022, PEZA made investments for the Philippines amounting to $700 million, generated $43.166 billion in exports and employed more than 1.8 million workers.

These numerical indicators, Pascual said, are a testament that economic zones undoubtedly play a crucial role in attracting FDIs (foreign direct investments) to continuously produce the much-needed jobs, exports, revenues and other economic opportunities for the Philippines.